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05.07.2004

Cory invests £5m in river operations

Cory Invests £5M in River Operations and Plans Further Spend

Cory Environmental, the company that manages 500,000 tonnes of waste from London’s Western Riverside Waste Authority each year, has confirmed that it has invested £5 million and earmarked a further £10 million in its river operations.

Since Cory’s contract with the Authority started in October 2002, it has already spent £5 million. Over £2 million has been spent on the refurbishment of Smugglers Way and Cringle Dock transfer stations and on new plant machinery and vehicles.

A further £3 million was invested in 950 containers to transport waste on the River Thames.  The 13 tonne capacity containers replace existing ones that have reached the end of their lives.

Cory has earmarked a further £10 million for improvements at the Smugglers Way site, including increasing recycling facilities and providing a new crane, subject to gaining planning consent for these initiatives. Cory has submitted a planning application for a new materials recycling facility (MRF) at the site to process at least 84,000 tonnes of co-mingled dry recyclables each year – this will be one of the largest local authority MRFs in the country.

Recently crowned River Operator of the Year at the London Transport Awards, Cory transports waste on the river. This has significant environmental benefits by keeping traffic off London’s roads, reducing pollution, noise, congestion and vibration, as well as the economic benefits of substantial fuel and congestion charge savings.

David Riddle, Chief Executive of Cory, said: “We’ve invested heavily in our river operation and as a result we’re now the largest commercial lighterage operator on the upper tidal reaches of the Thames.  This investment is just another example of Cory’s long-term commitment to sustainable waste management techniques.”

Colin James, the Authority’s General Manager, said: “Cory’s investment programme demonstrates the high standards that are evident throughout our contract with Cory.  Even though we are only two-years into a 30-year contract, this level of funding is an example of its commitment to providing a quality service.”

The 30-year £700 million contract, which began in October 2002, provides waste management services to the London boroughs of Hammersmith & Fulham, Lambeth, Wandsworth and the Royal Borough of Kensington & Chelsea.

Ends

For further information please contact: Achilleas Georgiou Tel: 020 7417 5288

Editor’s Notes

Cory Environmental is one of the UK’s leading waste management companies. It operates throughout the country and employs around 1,000 staff. The Company provides a wide range of integrated waste management services from street cleansing and municipal waste collection to recycling, transfer and disposal.

In 2003, Cory transported over 650,000 tonnes of residual waste, more than 15% of London’s waste, on the River Thames for disposal at Mucking in Essex. The keeps 100,000 heavy goods vehicle movements off London’s roads each year.

Cory is a wholly owned subsidiary of Exel plc, one of the world’s largest logistics companies and a member of the FTSE 100.